Krane Funds Advisors LLC Acquires 747 Shares of Cloudflare, Inc. (NYSE:NET)

Krane Funds Advisors LLC boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 35.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,874 shares of the company’s stock after acquiring an additional 747 shares during the quarter. Krane Funds Advisors LLC’s holdings in Cloudflare were worth $324,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mather Group LLC. grew its position in Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after acquiring an additional 202 shares in the last quarter. NBC Securities Inc. bought a new stake in Cloudflare in the 1st quarter worth approximately $27,000. GPS Wealth Strategies Group LLC boosted its stake in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after buying an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after buying an additional 142 shares in the last quarter. Finally, Global Financial Private Client LLC grew its position in Cloudflare by 38,100.0% during the first quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock valued at $43,000 after acquiring an additional 381 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Trading Down 5.5%

NYSE:NET opened at $185.13 on Wednesday. The firm has a market capitalization of $64.17 billion, a P/E ratio of -804.91 and a beta of 1.85. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $198.01. The company’s 50-day simple moving average is $158.49 and its 200 day simple moving average is $136.44.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NET. Jefferies Financial Group cut their price objective on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research note on Friday, May 9th. Guggenheim lifted their price objective on Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Friday, May 9th. Cowen reissued a “buy” rating on shares of Cloudflare in a research note on Monday, June 16th. Piper Sandler restated a “neutral” rating and set a $151.00 target price (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Finally, Royal Bank Of Canada lowered their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $145.92.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the sale, the chief financial officer directly owned 241,550 shares of the company’s stock, valued at $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $193.94, for a total transaction of $2,909,100.00. Following the sale, the director directly owned 1,058,073 shares of the company’s stock, valued at approximately $205,202,677.62. This trade represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 521,987 shares of company stock worth $79,067,984 over the last three months. 10.89% of the stock is currently owned by insiders.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.